Investment approvals to more foreign companies
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More foreign companies have won the approval to start their businesses in Myanmar, according to the Directorate of Investment and Company Administration (DICA).
According to DICA, at the latest meeting, the Myanmar Investment Commission (MIC) approved the investment proposals of a large number of foreign companies based in China, Korea, Japan, Hong Kong and Malaysia.
Among them is Japan's Komatsu Manufacturing Co Ltd. It won the permission to manufacture electronic generators and will establish their business in Pyigyidagun Township, Mandalay Region.
While some Korean and Chinese companies have been allowed to operate garment factories in Intagaw Industry Zone, Bago Region, Hong Kong's Golden Precise Embroidery & Garment Co Ltd, specialised in lace-knitting and clothing, will open a factory in Shwelinpan Industry Zone in Hlaingthaya, Yangon Region.
The MIC also approved the joint venture of Malaysian and Myanmar companies, for the processing of marine products on a piecework basis. The facility will be located in Innlaymyine Industry Zone, Myeik Township, Taninthayi Region.
Another approved joint-venture business belong to Japanese and Myanmar companies, for the construction of a rice mill. The joint venture will also grow rice and other agricultural products. It will be based in Thegon, Pyay District, Bago Region.
In the first four months of 2014, Myanmar attracted foreign investment worth US$2.2 billion, about 4 per cent of cumulative $46 billion in the past decades.
Most of the investment in the first four months, $1.3 billion, goes to the transportation and telecom sectors, according to DICA.
Of the rest, an amount of $427 million was invested in consumer product production, $29 million in mining, $57 million in hotels and tourism, $268 million in housing, $67 million in livestock and fishery, $11 million in agriculture, and $2.5 million in services industry.
